Indemnity Bond definition

Indemnity Bond means a written undertaking of a financial institution on behalf of a Customer to cover any losses suffered by EEA arising from non-payment by the Customer of money the Customer owes to EEA.
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Indemnity Bond. A bond in the amount of the deposit requested will be accepted in lieu of a cash deposit upon its receipt from a surety company. The selection of the surety company shall be the responsibility of the customer. However, the Bond Forms must be secured from and approved by Memphis Light, Gas and Water Division. The Bond will be held for two (2) years. CERTIFICATE OF DEPOSIT: We will accept this type of instrument purchased through a bank for a two (2) year period at standard interest rates. The Certificate of Deposit (Time Receipt) will be held in safekeeping by the Division in lieu of the deposit. Certificate must be made jointly to the customer and Memphis Light, Gas and Water. BANK LETTER OF CREDIT: Irrevocable letter of credit must be furnished to the Division by a bank approved by Memphis Light, Gas and Water Division, which guarantees full payment of deposit if utility xxxx is delinquent. Letter must state for a two (2) year liability period.
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Indemnity Bond means an undertaking conditioned that the asserted owner of an instrument, as principal, will protect the issuer and the paying officer against loss or liability resulting from any demand or payment of the principal of or interest on an instrument and that such asserted owner will surrender such instrument to the paying officer if it comes into the possession of the asserted owner.
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Examples of Indemnity Bond in a sentence

  • The Safety cum Indemnity Bond shall be valid for a CONTRACT PERIOD and renewable thereof (Claim Period).

  • This Safety cum Indemnity Bond shall continue and hold good until it is released by the GETCO in Writing on the CONTRACTOR’s application after the Contractor has discharged all his obligations under the order mentioned hereinabove and submitted a “NO DEMAND CERTIFICATE” from the GETCO under the said order.

  • I/We the CONTRACTOR hereby confirm that in case of any dispute/difference for settlement of claims under this Safety Cum Indemnity bond the courts in Gujarat State wherever job/work is performed or as per GETCO norms shall have the jurisdiction to decide the rights & liabilities of the parties while adjudicating the matter of claims under this Safety Cum Indemnity Bond.

  • This Safety cum Indemnity Bond and the guidelines as per Annexure-A herein contained are in addition to And not by way of limitation or substitution for any other guarantee, indemnities Hereto before given to the GETCO by the CONTRACTOR and this indemnity does not Revoke or limit such indemnities or guarantees.

  • For this purpose an Indemnity Bond as per Annexure-A shall be executed by the Contractor.

  • That the CONTRACTOR is/are aware and accept that for the persistent or repeated violation of any guidelines as per Annexure-A and terms and conditions mentioned in this Safety cum Indemnity Bond, GETCO shall have right to terminate the contract of work issued to the CONTRACTOR.

  • The advance will be paid only on submission of Indemnity Bond in the prescribed pro-forma.

  • In this connection the contractor will be required to execute an Indemnity Bond (as per specimen enclosed as Annexure – 1) after placement of Letter of Intent / Order.

  • This is without prejudice to any other right or remedy that may be available to WBSEDCL against the Contractor under the Contract and under this Indemnity Bond.

  • It is clearly understood by the Contractor that non-observance of the obligations under this Indemnity Bond by the Contractor shall inter-alia constitute a criminal breach of trust on the part of the Contractor for all intents and purpose including legal/penal consequences.


More Definitions of Indemnity Bond

Indemnity Bond. An agreement to hold a carrier harmless with regard to a liability. Inland Carrier : A transportation line that hauls export or import traffic between ports and inland points.
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Indemnity Bond. The Contractor shall indemnify PRL on a Rs.200/- non-judicial stamp paper against any action, claims or proceedings relating to infringement of all or any of the prevailing laws like Workmen’s Compensation Act, 1923, Contract labour (R&A) Act, EPF Act, ESI Act, Industrial Dispute Act and any other Acts relevant to labour or industrial workers during the currency of the Contract.
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Indemnity Bond. THE SECOND PARTY agrees to indemnify the first party against all or any loss suffered or that may be suffered (including all or any damages, costs, charges, expenses, actions, causes, suits, proceedings, claims, demands, vicarious liabilities devolving on the second party from the first party, and liabilities incurred by the first party on account of default in due performance of obligations or observance of the terms and conditions of the aforementioned agreement by the second party), that may arise in consequence of any act of commission or omission of the second party, and in consideration whereof the first party has engaged the second party as an employee of the first party. THE SECOND PARTY, accordingly, shall execute an indemnity bond in the form prescribed by THE FIRST PARTY, failing which payment of emoluments, if any, may be withheld.
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Related to Indemnity Bond

  • Indemnity Payment shall have the meaning set forth in Section 4.4(a).

  • Fidelity Bond A fidelity bond to be maintained by the Servicer pursuant to Section 4.12.

  • Indemnity Amount means the amount of any indemnification obligation payable under the Basic Documents.

  • Surety Bond The Limited Purpose Surety Bond (Policy No. AB0039BE), dated February 28, 1996 in respect to Mortgage Loans originated by MLCC, or the Surety Bond (Policy No. AB0240BE), dated March 17, 1999 in respect to Mortgage Loans originated by Novus Financial Corporation, in each case issued by Ambac for the benefit of certain beneficiaries, including the Trustee for the benefit of the Holders of the Certificates, but only to the extent that such Surety Bond covers any Additional Collateral Loans, or such other Surety Bond as may be identified in the Series Supplement.

  • Indemnity means the payment of an amount to offset all or part of an insured loss.

  • Indemnity, Subrogation and Contribution Agreement means the Indemnity, Subrogation and Contribution Agreement among Xxxxx 0, the Borrower, the Subsidiary Loan Parties and the Collateral Agent, substantially in the form of Exhibit C-3.

  • Blanket insurance policy means a group policy covering a defined class of

  • Indemnity Cap has the meaning set forth in Section 9.2(b).

  • protection and indemnity risks means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/11/95) or clause 8 of the Institute Time Clauses (Hulls) (1/10/83) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;

  • Funding Indemnity Letter means a funding indemnity letter, substantially in the form of Exhibit N.

  • Indemnity Matters means any and all actions, suits, proceedings (including any investigations, litigation or inquiries), claims, demands and causes of action made or threatened against a Person and, in connection therewith, all losses, liabilities, damages (including, without limitation, consequential damages) or reasonable costs and expenses of any kind or nature whatsoever incurred by such Person whether caused by the sole or concurrent negligence of such Person seeking indemnification.

  • Indemnification Escrow Fund has the meaning set forth in Section 2.12(a).

  • Indemnity Period means the period during which the results of the business are affected resulting from the occurrence beginning with the date of the accident causing injury but not exceeding the maximum indemnity period

  • Indemnification Escrow Amount has the meaning specified in Section 3.6(a).

  • Special Primary Insurance Policy Any Primary Insurance Policy covering a Mortgage Loan the premium of which is payable by the Trustee pursuant to Section 4.04(a), if so identified in the Mortgage Loan Schedule. There are no Special Primary Insurance Policies with respect to any of the Mortgage Loans.

  • Insurance Policy With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsements thereto in effect, including any replacement policy or policies for any Insurance Policies.

  • R&W Insurance Policy means the representations and warranties insurance policy issued to Buyer in connection with the transactions contemplated hereby.

  • Errors and Omissions Insurance Policy means an errors and omissions insurance policy maintained by the Master Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator, as the case may be, in accordance with Section 8.2, Section 9.2 and Section 7.17, respectively.

  • Indemnity Claim has the meaning set forth in Section 8.3.

  • Indemnification Cap has the meaning set forth in Section 9.3(a).

  • Tax Indemnity Agreement means the Tax Indemnity Agreement, dated as of even date with the Participation Agreement, between Lessee and Owner Participant.

  • Indemnity Escrow Fund means the Indemnity Escrow Amount deposited with the Escrow Agent, as such sum may be increased or decreased as provided in this Agreement and the Escrow Agreement, including any remaining interest or other amounts earned thereon.

  • Reimbursement insurance policy means a policy of insurance

  • Indemnity Agreement means that certain Indemnity Agreement dated as of the Closing Date by Borrower and Indemnitor in favor of Lender.

  • Limit of Indemnity means the amount stated in the Schedule pursuant to Clause 5 of this Policy.

  • Environmental Insurance Policy means, with respect to any Mortgage Loan or the related Mortgaged Property or REO Property, any insurance policy covering pollution conditions and/or other environmental conditions that is maintained from time to time in respect of such Mortgage Loan, Mortgaged Property or REO Property, as the case may be, for the benefit of, among others, the Trustee on behalf of the Certificateholders.